CTRA - Solid Profit Growth; In-line

CTRA - Solid Profit Growth; In-line In 1Q24, CTRA booked solid net profit growth to IDR483 bn (+17.1% yoy; -27.4% qoq). Solid net profit growth is driven by higher revenue on real estates segment by 7.1% yoy to IDR1.76 tn, which driven by higher recognition and recovery in healthcare segment by 29.1% to IDR161 bn. (Source : Company) Comment : The performance in the first quarter of 2024 aligns closely with both our internal estimates and street projections, representing 24.9% (IDR 1.94 tn) and 24.0% (IDR 2.02 tn) of the street estimate, respectively.